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Nigeria’s inflation rate surged to 26.72% in September 2023, driven by soaring food prices and the challenging economic circumstances resulting from the removal of the fuel subsidy in May.
This information is based on the September 2023 Consumer Price Index (CPI) and Inflation Report issued by the National Bureau of Statistics (NBS) on Monday.
The CPI, a measure of fluctuations in the prices of goods and services, climbed from 25.80% in August 2023, marking a 0.92% point increase.
The report stated, “In September 2023, the headline inflation rate increased to 26.72%, compared to the August 2023 headline inflation rate of 25.80%.”
Analyzing the data, it’s evident that the September 2023 headline inflation rate exhibited a 0.92% point rise when compared to the August 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 5.94% points higher than the rate recorded in September 2022, which stood at 20.77%.
Furthermore, the report highlighted that the food inflation rate in September 2023 was 30.64% on a year-on-year basis, representing a 7.30% point increase compared to September 2022 (23.34%).
The surge in food inflation on a year-on-year basis was attributed to price increases in oil and fat, bread and cereals, potatoes, yam, and other tubers, fish, fruit, meat, vegetables, as well as milk, cheese, and eggs.
On a month-on-month basis, the food inflation rate in September 2023 was 2.45%, which is 1.41% lower than the rate observed in August 2023 (3.87%). The decline in food inflation on a month-on-month basis was primarily due to a reduction in the rate of increase in the average prices of potatoes, yam, and other tubers, bread and cereals, fruits, and fish, as detailed in the report.
